Seller’s Frequently Asked Questions

When is the best time to sell my home?

This question is different for the geographic location of your home. Typically in the Midwest, realtors will tell you the best time is March or April. In today’s market, with inventory being as low as it is, anytime is good for a seller to list their home. If you are in Florida, the busy season is October through February so it would be wise to list when there are many more potential buyers. Every real estate market is different; therefore, the best time to sell a home will be different from real estate community to real estate community.

Since each seller’s situation is unique, the best thing to do is set up an appointment and discuss your situation with your agent. In some cases, the holidays can be a great time because you lower your competition. Buyers are seriously intending to purchase a home, not wasting your time out of curiosity  or for window shopping.

What steps should I take to prepare my home for sale?

The biggest mistake a seller can make is not preparing their home to be seen through the eyes of the buyer. Your home and décor can be stunning and the colors you have painted the walls perfect for your taste; however, you need to prepare your home so the potential buyer can visualize themselves living there. There is an expression that is especially true in the real estate market: “You never get a second chance to make a first impression.”

The number one thing to do is remove all personal knick-knacks and clutter from your home. Start putting things in boxes and put them in a storage room in your home. Clear all countertops and add a fresh neutral color of paint throughout the home. If you have pets, remove dog bowls and kitty litter boxes before every showing, and make sure there are no distinguishing odors in your home from pets. Food odors are another area to consider. For example, Italian food calls for garlic and onions, Indian food uses the spice cumin. These ingredients can leave a lingering odor that may be pleasant to you, but can be off-putting to a potential buyer. If possible, refrain from cooking with strong ingredients while your home is on the market to ensure odors are non-existent. These examples are only a starting point. I have a complete Seller’s Guide you may request that will give you a step-by-step guide to preparing your home.

How do you determine the value of my home?

This is not something the homeowner can determine on their own. It is very important to remove the emotional attachment you have to your home and have an agent do a comparative market analysis (CMA). Each home will have additions and subtractions from the home compared to the same model down the street. You may have done remodeling, added a new roof, or recently put in top-of-the-line appliances. The home down the street may have a finished basement with a full kitchen, family room, and additional bedroom(s). A professional Real Estate Agent will know how to do the additions and subtractions to assess the value at which your home should be listed. 

The value of a home is multiplied by the local tax rate to determine what your yearly taxes are. The assessed value has no impact on how much your home is worth to a potential buyer in the marketplace.

What is a CMA?

A comparative market analysis (CMA) is an in-depth evaluation of recently sold “comparable” homes in the past 6-12 months. A comparative market analysis isn't a crystal ball that determines what a home will sell for; however, if performed by a top realtor, it should greatly narrow the sale price range.

Can I determine how much my home is worth from Zillow or Trulia’s website?

NO! This is the most unfair thing a third-party real estate website can do to a homeowner.

These third-party real estate websites provide estimates of home values for practically any home in the United States. How is it possible that a third-party website that is headquartered in California or Florida can provide an accurate home value for a home located in Crystal Lake, IL.? It’s not! These third-party websites, such as Zillow and Trulia, use computer generated home values based on calculations and formulas. In many cases, they are $20,000 to $30,000 higher or lower than the actual value of the home. 

This inaccurate estimate (or “Zestimate”) can create a false sense of hope and lead to frustration. A home seller who is told their home is worth $20,000 less than the online estimate is going to be understandably upset. It’s critical that when selling a home, the value is determined by a top realtor in your local area, not an internet website!

Should I price my home higher to leave room for negotiations?

No. This is an old way of thinking from many years ago. Real estate agents are trained to know their market and do the proper research to get a well-priced home. The home will sell quickly and close to the listing price. There is no need to leave room for negotiations as today’s home buyers are very well educated. In this current selling market, many sellers are already getting over asking price due to the lack of inventory. Overpricing your home can prevent a buyer from even coming to look at the home because they know they will have to go even higher than the asking price. 

What if my house sells and I can’t find one to buy?

This is the #1 question I have been getting in the past 12 months! 

There are a few options:  

The first option is renting elsewhere. This is the market to sell and gain the most net value for your home. The downside of this is moving twice and having to rent a storage facility for your furniture. The upside is you will gain more power to win in a bidding war having nothing to sell and possibly being able to pay cash for your new purchase. The gain you make in selling in a hot seller’s market will save you in the long run. 

The second option is moving in with relatives and putting everything in storage.  

The third option is renting your home back from the new owners. This is often frowned upon by attorneys as the new buyers may find things in the home they don’t like or that were broken after the sale, which would be cause for breaking the contract. You would need to put money down, to be held by the attorney, for security to make sure everything is in the condition it was when they purchased your home from you.

For a detailed Seller’s Guide, please click on the link under the Seller tab and supply your email address, and I will be happy to send it to you. Please feel free to call me to set up an appointment to go over any questions in more detail. I am happy to sit with you over a cup of coffee and have a face-to-face meeting or have a video meeting if you are more comfortable with that option.